The past week's mortgage rates, monitored by Freddie Mac’s Primary Mortgage Market Survey (PMMS), for 30 year fixed rate mortgages average 5.04 percent for the week ending September 24th. This is the same as last week's rate. 30 year fixed rate mortgages averaged 5.78 percent the same time last year.

Regionally, 30 year fixed rate mortgages were highest in the north central region of the United States, averaging 5.11 percent, and lowest in the southeast, averaging 5.01 percent.

The 15-year fixed rate mortgage this week averaged 4.46 percent with an average 0.6 point, down from last week when it averaged 4.47 percent. A year ago at this time, the 15-year fixed rate mortgage averaged 5.77 percent. This is the lowest the 15-year fixed rate mortgage has been since Freddie Mac started tracking it in 1991.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.51 percent this week, with an average 0.5 point, unchanged from last week when it averaged 4.51 percent. A year ago, the 5-year adjustable-rate mortgage averaged 6.02 percent.

The one-year Treasury-indexed adjustable-rate mortgage averaged 4.52 percent this week with an average 0.6 point, down from last week when it averaged 4.58 percent. At this time last year, the 1-year adjustable-rate mortgage averaged 5.03 percent.

“Mortgage rates held relatively steady at three-month lows this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. Correspondingly, the Mortgage Bankers Association reported that mortgage applications jumped 12.8 percent over the week of September 18th to the strongest pace since late May, boosted by refinancing activity.

“In its September 23rd policy statement, the Federal Reserve (Fed) indicated that it plans to keep its benchmark interest rate exceptionally low for an extended period. This will likely benefit consumers who opt for adjustable-rate mortgages, because they are typically tied to shorter-term interest rates. The Fed also noted that activity in the economy and housing market has picked up and financial markets have improved.”